Saudi Aramco has reported a steep decline in profits, after the energy giant cut production and oil prices fell sharply in 2023. The Saudi oil major Aramco reports a 25% decrease in full-year earnings. Even so, the outcome marks Aramco’s second-highest net income to date.
The profits are the result of the Saudi government transferring $164 billion, or 8% more, of Aramco shares to the Public Investment Fund of Saudi Arabia.
